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There is no silver bullet or guarantees in trading, so stop looking/asking,
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RD123

Członek od Jun 21, 2012  12 postów FTP (RD123) Sep 22 2012 at 17:20
Having a positive mindset.

Visualizing success.

An overall business plan.

Treating trading like a business, not a hobby.

Developing a trading plan with more than 51% success rate.

Using discipline to stick with the trading plan.

Refining adjusting that trading plan when the success rate falls below 51%

Learning to be patient and wait for good trading opportunities instead of forcing trades.

Focus on not losing money instead of how much you will make.

Patience.

Patience.

Did I mention patience?

-----------------------------------------------------------------------

Do these and you will be profitable.

Don't and you'll keep losing and
then eventually quit anyway.

It's not the market. It's not the spread. It's not slippage. It's not the broker. It's not the system. It's YOU. Once you stop whining and making excuses, you can start winning.
domgilberto1

Członek od Apr 07, 2011  72 postów DG (domgilberto1) Sep 24 2012 at 11:37
'Developing a trading plan with more than 51% success rate.'

Agree with everything else. But the strike rate is dependent on the strategy at hand (unless you`re referring to your own rules)

"Taking responsibility is the cornerstone to a winning attitude"
zlion

Członek od Feb 28, 2011  8 postów zlion Sep 26 2012 at 20:10
The best compact good advices about trading I've ever read. I've been trying to learn this for about 1,5 years, your sentences give back the reality what I want to reach. Thanks!

Don't PANIC!
RD123

Członek od Jun 21, 2012  12 postów FTP (RD123) Sep 26 2012 at 21:31
On this planet 51% is a profit of 1%. If you profit even one percent, that is more than you started with.

If you are aware of some other mathmatical formula where 51% is not a profit and 50% is not break even and 49% is not losing, please enlighten all of us.

Until then, shoot for 51% at least (or 50.00000000001 if you have the time).

Cheers.

domgilberto1 posted:
'Developing a trading plan with more than 51% success rate.'

Agree with everything else. But the strike rate is dependent on the strategy at hand (unless you`re referring to your own rules)

It's not the market. It's not the spread. It's not slippage. It's not the broker. It's not the system. It's YOU. Once you stop whining and making excuses, you can start winning.
Mitaji

Członek od Nov 12, 2009  1 postów Mitaji Sep 27 2012 at 06:52
basic rule..trade with discretionary funds. You will be as profitable as your demo account...

There will always be another trading opportunity
07igor

Członek od Sep 28, 2012  1 postów 07igor Sep 28 2012 at 16:16
I believe you missed the point here FTP.
What Dominic Gilbert meant was that you can have a 30% success rate, and still be profitable.
In fact many good traders are...
The simple math behind that is, that if 30% of your trades are successful, but you gain 4times the money compared to the trades you lose than you'll still be up in the long run.
e.g: you win at least 4% at every good trade and lose 1% at every bad trade.



RD123 posted:
On this planet 51% is a profit of 1%. If you profit even one percent, that is more than you started with.

If you are aware of some other mathmatical formula where 51% is not a profit and 50% is not break even and 49% is not losing, please enlighten all of us.

Until then, shoot for 51% at least (or 50.00000000001 if you have the time).

Cheers.

domgilberto1 posted:
'Developing a trading plan with more than 51% success rate.'

Agree with everything else. But the strike rate is dependent on the strategy at hand (unless you`re referring to your own rules)

Nothing is impossible, if there's a will there's a way.
James_Bond

Członek od Jan 14, 2010  556 postów James_Bond Oct 16 2012 at 09:56
07igor posted:
I believe you missed the point here FTP.
What Dominic Gilbert meant was that you can have a 30% success rate, and still be profitable.
In fact many good traders are...
The simple math behind that is, that if 30% of your trades are successful, but you gain 4times the money compared to the trades you lose than you'll still be up in the long run.
e.g: you win at least 4% at every good trade and lose 1% at every bad trade.


I agree. The success rate doesn't even matter - what matters is the expectancy - if it is positive, you will make money. You can even have 1% success rate and still be profitable if you make in those 1% trades more money than you lose with the other 99%.

myfxpt

Członek od Aug 06, 2011  345 postów Gary Sharp myfxpt com (myfxpt) Nov 02 2012 at 19:42
Yep...9 losing trades at $10 each and 1 winning trade at $100 (10% win rate) will make you profitable in the long run.

nzkiwi

Członek od Apr 21, 2012  35 postów nzkiwi Nov 02 2012 at 20:51
I agree. A recent statistic was published recently that 56% of trades are correct in direction. But only 5% of traders make money. That means that the 46% of losing trades lost more money than the 56% winning trades.

10% month
Jeff5796

Członek od Oct 30, 2012  12 postów Jeff_Kum (Jeff5796) Nov 04 2012 at 14:42
How we can be sure everytime we can get 1:2 ratio of risk and reward or better? Sometimes when the signal is out, the trend is already half way.

keep learning!
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